ASM TECHNOLOGIES 2023-24 Annual Report Analysis

Tue, 2 Jul

ASM TECHNOLOGIES has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

ASM TECHNOLOGIES Income Statement Analysis

• Operating income during the year fell 8.5% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 72.4% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 2.8% in FY24 as against 9.4% in FY23.
• Depreciation charges increased by 32.2% and finance costs increased by 38.4% YoY, respectively.
• Other income declined by 23.4% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 3.2% in FY23 to 3.5% in FY24.

ASM TECHNOLOGIES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	2,204	2,016	-8.5%
Other income	Rs m	63	48	-23.4%
Total Revenues	Rs m	2,267	2,065	-8.9%
Gross profit	Rs m	207	57	-72.4%
Depreciation	Rs m	85	113	32.2%
Interest	Rs m	72	99	38.4%
Profit before tax	Rs m	114	-106	NA
Tax	Rs m	42	-35	NA
Profit after tax	Rs m	71	-71	NA
Gross profit margin	%	9.4	2.8
Effective tax rate	%	37.1	32.8
Net profit margin	%	3.2	-3.5

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ASM TECHNOLOGIES Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 614 million as compared to Rs 691 million in FY23, thereby witnessing an decrease of -11.1%.
• Long-term debt stood at Rs 274 million as compared to Rs 198 million during FY23, a growth of 38.4%.
• Current assets rose 68% and stood at Rs 1 billion, while fixed assets rose 10% and stood at Rs 820 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 2 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 41%.

ASM TECHNOLOGIES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	717	1,083	51.0
Current Liabilities	Rs m	691	614	-11.1
Long-term Debt	Rs m	198	274	38.4
Total Liabilities	Rs m	1,597	2,255	41.2
Current assets	Rs m	852	1,435	68.3
Fixed Assets	Rs m	744	820	10.2
Total Assets	Rs m	1,597	2,255	41.2

ASM TECHNOLOGIES Cash Flow Statement Analysis

• ASM TECHNOLOGIES's cash flow from operating activities (CFO) during FY24 stood at Rs -6 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -658 million, an improvement of 162.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 676 million, an improvement of 1,604% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 12 million from the Rs -9 million net cash flows seen during FY23.

ASM TECHNOLOGIES Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	202	-6	-
Cash Flow from Investing Activities	Rs m	-251	-658	-
Cash Flow from Financing Activities	Rs m	40	676	1,603.8%
Net Cash Flow	Rs m	-9	12	-

Current Valuations for ASM TECHNOLOGIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -6.1, an decline from the EPS of Rs 7.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,185.9, stands at -202.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 12.9 times, while the price to sales ratio stands at 6.9 times.
• The company's price to cash flow (P/CF) ratio stood at 211.5 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	220.4	171.6
TTM Earnings per share	Rs	7.1	-6.1
Diluted earnings per share	Rs	6.1	-6.1
Price to Cash Flow	x	28.8	211.5
TTM P/E ratio	x	60.7	-202.5
Price / Book Value ratio	x	7.0	8.0
Market Cap	Rs m	5,020	8,714
Dividends per share (Unadj.)	Rs	7.0	1.0

Ratio Analysis for ASM TECHNOLOGIES

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.3x during FY24, from 1.2x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at -0.1x during FY24, from 2.6x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at -6.6% during FY24, from 10.0% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company declined and down at -0.5% during FY24, from 20.3% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company declined and down at 1.2% during FY24, from 9.0% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	1.2	2.3
Debtors’ Days	Days	90	94
Interest coverage	x	2.6	-0.1
Debt to equity ratio	x	0.3	0.3
Return on assets	%	9.0	1.2
Return on equity	%	10.0	-6.6
Return on capital employed	%	20.3	-0.5

To see how ASM TECHNOLOGIES has performed over the last 5 years, please visit here.

ASM TECHNOLOGIES Share Price Performance

Over the last one year, ASM TECHNOLOGIES share price has moved up from Rs 519.8 to Rs 1,185.9, registering a gain of Rs 666.1 or around 128.2%.

Overall, the S&P BSE SENSEX is up 24.5% over the year.

(To know more, check out historical annual results for ASM TECHNOLOGIES and quarterly results for ASM TECHNOLOGIES)